How can I get out of my home if it needs extensive repairs and I want to avoid foreclosure?

Get Legal Help Today

 Secured with SHA-256 Encryption

How can I get out of my home if it needs extensive repairs and I want to avoid foreclosure?

I have a house that is not worth repairing. The foundation is cracked and the house is sliding forward and the basement wall is buckling. The leaks from the water pouring into the basement have cause a lot of mold. I want out but afraid of foreclosure but my credit is already shot from trying to avoid foreclosure. What can I do from a legal perspective to get out of this house (my insurance doesn’t cover settling of the house)?

Asked on June 16, 2011 under Real Estate Law, Illinois

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

I am so sorry for your situation and I can see how you would just like to walk away and start over. If all you want to do is to get rid of the house you can see if the lender will accept a deed in lieu o foreclosure.  That is where you sign ov er the house to the lender without them having to go through the trouble of formally foreclosing on you. Make sure that the lender waives the deficiency in the mater.  If you want to deal with all your bills at the same time you should speak with someone about filing for bankruptcy as an option.  Good luck to you. 


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption